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A Supreme Court Win for Fund Investors — and the Work That Remains

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The Supreme Court has handed fund investors a decisive victory. In FS Credit Opportunities Corp. v. Saba Capital Master Fund, the Court held 6–3 that Section 47(b) of the Investment Company Act of 1940 does not create an implied private right of action, confirming that responsibility for enforcing the statute rests with the Securities and Exchange Commission.

The Supreme Court held in FS Credit Opportunities Corp. v. Saba Capital Master Fund that Section 47(b) of the Investment Company Act of 1940 does not create a private right of action, preserving the...

The Supreme Court has handed regulated funds and the nearly 130 million Americans who invest in them a decisive victory. In FS Credit Opportunities Corp. v. Saba Capital Master Fund, the Court held 6...

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Sowing the Seeds of Deeper Capital Markets: Europe’s Problem With Risk

The debate over raising the UCITS 10% single-issuer limit for securitisations highlights a broader challenge facing Europe’s capital markets. While policymakers seek deeper capital markets, greater investment, and diverse sources of financing for the real economy, there remains a reluctance to embrace the level of risk-taking that market-based finance requires.

Europe cannot build deeper securitisation markets by encouraging issuance alone; it also needs rules that allow investors to participate at meaningful scale. The UCITS 10% single-issuer limit was...

The growing debate over whether to raise the UCITS 10% single-issuer limit for securitisations reveals a lot about Europe’s relationship with risk. Europe wants deeper capital markets, more investment...

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Mike Lawler (R-NY) speaking at an ICI Event on Lost Property

ICI Welcomes Bipartisan Sponsors of Bill to Stop States from Seizing Long-Term Investors’ Savings

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At an ICI event bipartisan SAFER Act, Representatives Sam Liccardo (D-CA) and Mike Lawler (R-NY) joined ICI leaders to make the case for a federal solution to the problem of state unclaimed property laws that can treat buy-and-hold investors as though they have disappeared.

Representatives Sam Liccardo (D-CA) and Mike Lawler (R-NY) joined ICI leaders to highlight the need to protect long-term investors from unfair state unclaimed property laws. When states prematurely...

Representative Mike Lawler (R-NY) speaks at an ICI event about the SAFER Act. Millions of American investors have adopted the advice given by financial advisors to invest for the long term and then...

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Tokenization: An Asset Management Perspective

Tokenization continues to evolve, ICI’s new paper, Tokenization: An Asset Management Perspective, explores what these developments mean for asset managers, registered funds, and the investors they serve.

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States Should Not Mistake Long-Term Investing for Abandonment

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Long-term investors often check their accounts only occasionally, reflecting a common buy-and-hold strategy. However, some states are adopting inactivity standards that can trigger the seizure and liquidation of securities accounts, even when the investor has not abandoned the assets.

Unclaimed property laws should protect truly abandoned assets without penalizing investors who intentionally hold securities for the long term. Florida strengthened its law to better distinguish...

Millions of Americans buy mutual funds, ETFs, stocks, and other securities with the intention of holding them for years. They may not log in often. They may not trade. They may not check their...

2026 Investment Company Fact Book


Explore the comprehensive guide to trends, data, and insights in in the investment company industry. 

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Glossary of Investing terms
You can find more information about many of these entries in the chapters and appendix of the Investment Company Fact Book

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